The Federal Reserve Banks are planning to adopt the new form of domestic and cross-national payments that RippleNet is already a part of
Contents
- Real-time payments from the Fed to operate under the new standard
- FFS now runs on the same platform as Ripple
According to Monday’s press release, the US Federal Reserve has released word that all Fed banks will implement the ISO 20022 Fedwire Money Service System (FFS).
Curiously, Ripple’s blockchain-based payments are already ISO 20022 compliant.
Real-time payments from the Fed to work on the new standard
This new messaging format allows for real-time payments to be enhanced both at home and across borders. Besides, it will enable banks and other institutions to use anti-money laundering measures.
Also, the Federal Reserve is asking the public to comment on the plan to enable FFS to start operating under the ISO 20022 standard. The board also suggests that banks take not three stages to adopt the new message format but switch to it within just one day.
FFS now runs on the same platform as Ripple
FFS enables real-time settlements managed by Federal Reserve Banks. The system allows financial institutions and companies to conduct fast transactions in a secure manner.
ISO 20022 was created by experts from the International Organization for Standardization – a non-governmental organization that deals with publishing standards for a wide range of fields.
On October 1 last year, Ripple Senior Vice President of Product Asheesh Birla took to Twitter to announce that Ripple was already ISO 20022 compliant and therefore ready for 2030. He believes that the new standard with RippleNet will completely change the industry of payments within ten years. coming.
